Moving forward,
Research Milestone. Within thirty (30) days of the earlier to occur of:
(i) the commencement by MSD of IND-Enabling GLP Toxicology Studies with [ ]*, or
(ii) the designation as a PCC by the PDRC of the first Collaboration Compound other than [ ]* or [ ]*,
MSD shall pay NEUROGEN [ ]* (the "Research Milestone"). For clarity, MSD shall not owe NEUROGEN any Research Milestone with respect to [ ]*.
Press Release Source: Neurogen Corporation
Neurogen Announces Milestone Payment From Merck Under Pain Management Drug Alliance
Thursday May 27, 4:13 pm ET
BRANFORD, Conn., May 27 /PRNewswire-FirstCall/ -- Neurogen Corporation (Nasdaq: NRGN - News), a drug discovery and development company, announced today that progress in its research and development alliance with Merck & Co., Inc. (NYSE: MRK - News) to discover and develop next-generation drugs for the treatment of pain has resulted in the achievement of a preclinical milestone which triggers an undisclosed payment from Merck. The alliance, closed January 16, 2004, enables Merck and Neurogen to pool drug candidates targeting the vanilloid receptor (VR1), a key integrator of pain signals in the nervous system, and combine their ongoing VR1 programs to form a global research and development collaboration. |
